Comments on: i foreclosed on a home in maricopa county arizona as of september 15th. I have a Heloc loan which i got with the purchase of the house. They are now saying i still owe them and that the heloc is like a credit card and i will keep oweing. http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/ Foreclosure - Real Estate Investment : Short Sales Thu, 02 Sep 2010 18:59:13 -0400 hourly 1 http://wordpress.org/?v=3.0 By: Kate Bergin http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/comment-page-1/#comment-10949 Kate Bergin Wed, 23 Jun 2010 16:44:28 +0000 http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/#comment-10949 If the Heloc is purchase money, under Arizona law they cannot come after you for a deficiency. Write them a letter "reminding" them of this. Do not pay. If the Heloc is purchase money, under Arizona law they cannot come after you for a deficiency. Write them a letter “reminding” them of this. Do not pay.

]]> By: Jarad http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/comment-page-1/#comment-6887 Jarad Wed, 13 Jan 2010 03:53:27 +0000 http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/#comment-6887 Not everyone qualifies, you have to talk to your accountant, but IRS Form 982 will negate a 1099. Not everyone qualifies, you have to talk to your accountant, but IRS Form 982 will negate a 1099.

]]> By: inessa http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/comment-page-1/#comment-6754 inessa Thu, 07 Jan 2010 20:11:25 +0000 http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/#comment-6754 what form from the IRs NEGATES a 1099? what form from the IRs NEGATES a 1099?

]]> By: Jarad http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/comment-page-1/#comment-6696 Jarad Tue, 05 Jan 2010 05:44:18 +0000 http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/#comment-6696 More than likely they will file a 1099. Unfortunately there is not a lot you can do about that. However, for most people, a 1099 is good news because it can be negated with a certain form from the IRS. You'll need to talk to your accountant, but your tax liability would be wiped out without having to file bankruptcy. Even by filing bankruptcy you may not be released of certain IRS tax obligations. More than likely they will file a 1099. Unfortunately there is not a lot you can do about that. However, for most people, a 1099 is good news because it can be negated with a certain form from the IRS. You’ll need to talk to your accountant, but your tax liability would be wiped out without having to file bankruptcy. Even by filing bankruptcy you may not be released of certain IRS tax obligations.

]]> By: Emma White http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/comment-page-1/#comment-6364 Emma White Thu, 24 Dec 2009 07:39:17 +0000 http://foreclosureuniversity.com/blog/2009/12/09/i-foreclosed-on-a-home-in-maricopa-county-arizona-as-of-september-15th-i-have-a-heloc-loan-which-i-got-with-the-purchase-of-the-house-they-are-now-saying-i-still-owe-them-and-that-the-heloc-is-like/#comment-6364 Is it possible to settle for 5 - 10% and legally keep the lender from sending a 1099 to the IRS for the deficiency balance? And if they have already sent a 1099 to the IRS, is it possible to have this tax liability wiped out completely if bankruptcy is filed afterwards? Thanks! Is it possible to settle for 5 – 10% and legally keep the lender from sending a 1099 to the IRS for the deficiency balance? And if they have already sent a 1099 to the IRS, is it possible to have this tax liability wiped out completely if bankruptcy is filed afterwards?

Thanks!

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